Opening Bell:
Gift Nifty is up by 45.0 points in the early morning trade, indicating a positive opening for Indian stock market
Asian markets traded higher on Thursday, following an overnight rally on Wall Street. Japan’s Nikkei 225 surged to a fresh record high, crossing the 42,000 mark for the first time, jumping 1.37%. The Topix also reached new highs, rallying 1.17%. South Korea’s Kospi gained 0.76%, while the Kosdaq rose 0.22%. Hong Kong Hang Seng index futures indicated a higher opening, suggesting continued positive momentum in the region.
On Wednesday, the U.S. stock market saw significant gains, with major indices closing at record highs. The Nasdaq and S&P 500 both rallied, driven by increases in key technology stocks. The Dow Jones Industrial Average surged 1.09% to 39,721.36, while the S&P 500 rose 1.02% to 5,633.91. The Nasdaq ended 1.18% higher at 18,647.45, marking its seventh consecutive record-high close.
Nvidia shares rallied 2.7%, while Micron Technology and Advanced Micro Devices (AMD) saw their shares jump 4% and 3.9%, respectively. Apple also reached a record high with a 1.9% increase, bringing its market value to $3.6 trillion. This strong performance in the technology sector reflects robust investor confidence and optimism about future growth prospects.
Stocks News:
👉 IRB Infrastructure and IRB Infrastructure Trust reported a significant increase in toll revenue for June 2024, rising by 35% to Rs 517 crores. In the first quarter of FY25, their combined toll revenue surged to Rs 1,556 crores, marking a 32% increase compared to Rs 1,183 crores in Q1FY24.
👉 Power Grid has approved the borrowing of funds up to Rs 16,000 crore for the fiscal years 2025-26 through domestic bonds. These bonds may be secured or unsecured, non-convertible, non-cumulative, redeemable, and can be either taxable or tax-free. The funds will be raised under private placement.
👉 GE Power’s board has approved the sale and transfer of two of its undertakings. The hydro business will be sold to GE Power Electronics (India) Private Limited, and the gas power business will be sold to GE Renewable Energy Technologies Private Limited. Both transactions will be executed as slump sales.
👉 Sula Vineyards announced its highest-ever Q1 net revenue. The revenue from their own brand was Rs 104.4 crore, while Wine Tourism generated Rs 113 crore. The overall net revenue for the quarter was Rs 129.6 crore.
👉 The foreign institutional investors (FIIs) extended their buying as they bought equities worth Rs 583.96 crore on July 10, while domestic institutional investors also bought equities worth Rs 1082.40 crore on same day.
Domestic and International Events
- Under the Production Linked Incentive (PLI) scheme, India’s telecom equipment sales have surpassed Rs 50,000 crore, reflecting successful government efforts to boost domestic manufacturing and reduce import dependency. This achievement has created over 17,800 direct jobs and positioned India as a global hub for telecom equipment production, driving economic growth and self-reliance.
- U.S. Federal Reserve Chair Jerome Powell, in his two days of commentary before the Senate and House committees, indicated that the central bank was edging closer to a rate cut decision. However, he emphasized that he was not yet ready to declare that inflation had been beaten, according to Reuters. Powell stated that the Fed would not cut interest rates until they had gained greater confidence that inflation is headed back to the central bank’s 2% target.
- Gold prices were steady on Thursday ahead of US inflation data due later in the day. Spot gold was nearly unchanged at $2,372.99 per ounce, while US gold futures were flat at $2,378.40.
- Crude oil prices rose on Thursday as crude stocks fell. Brent futures rose 0.43% to $85.45 a barrel, while US West Texas Intermediate (WTI) crude gained 0.47% to $82.49 a barrel.
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,472 | (0.3) % |
| Shanghai Composite | 2,939 | (0.7) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 39,721 | 1.1 % |
| DAX | 18,407 | 0.9 % |
| FTSE 100 | 8,194 | 0.7 % |
| Nikkei | 41,832 | 0.6 % |
| Straits Times | 3,460 | 1.0 % |
